Fitch affirms Mapletree Industrial

Fitch Ratings said it affirmed Mapletree Industrial Trust's long-term issuer default rating at BBB+ with a stable outlook.

The agency has also affirmed the S$405 million outstanding senior unsecured medium-term notes at BBB+.

The notes are issued by subsidiary Mapletree Industrial Trust Treasury Co. Pte. Ltd. and guaranteed by DBS Trustee Ltd.

“The affirmation of MIT's long-term issuer default rating reflects our expectations that the trust's robust performance to-date will continue over the medium term, supported by annual rent increases from its high-tech, build-to-suit properties and data centres, which are likely to offset earnings pressure on some of the trust's more generic asset types, such as flatted factories, particularly if global trade-related tensions escalate,” Fitch said in a news release.

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